Moody’s assigns Baa1 to PTTEP notes

Moody’s Investors Service said it assigned a Baa1 senior unsecured rating to the proposed dollar-denominated notes to be issued by PTTEP Treasury Center Co. Ltd., a wholly owned subsidiary of PTT Exploration & Production Public Co. Ltd.

“The rating on the proposed bonds is in line with PTTEP’s Baa1 long-term issuer rating,” said Vikas Halan, a Moody’s senior vice president and lead analyst for PTT Exploration, in a press release.

PTT Exploration’s Baa1 ratings incorporate a one-notch uplift, reflecting Moody’s expectation its parent, PTT Public Co. Ltd. will provide financial support to PTTEP in a distressed situation.

“We expect PTTEP’s credit metrics and liquidity profile will remain strong over the next 12-18 months, even after accounting for high capital spending to develop its upstream assets,” adds Halan.

The outlook is positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.